Research from Water Tower Research, Water Tower Research

Water Tower Research

Water Tower Research is a leading equity research firm that provides research on micro, small and mid cap companies.

Water Tower Research was founded by Wall Street veterans after witnessing a fundamental shift in the investment research industry with the result being a declining knowledge base among investors, a lack of awareness and a shrinking pool of fundamental research being conducted on companies across the small-cap and micro-cap spectrum. The same issues are now increasingly occurring in the mid-cap space. This sea change within the investment community is impacting not only the companies themselves but also current shareholders and potential investors. With significantly less active sell-side sponsorship by Wall Street, a substantial information gap has developed between companies and various constituents in the financial community. The net result is fewer channels for insight and information to flow between companies and investors.

Research from Water Tower Research

Equity Research Firm

Equity Bottom-Up

<div><ul><li>HLF delivered 3Q25 net sales growth of 2.7% Y/Y to $1,273.7MM, its first quarterly increase since 1Q24. </li><li>Ex-currency, organic sales increased 3.2% Y/Y, above the 2.5% midpoint of its guidance issued in August and the best organic growth since 2Q21.</li><li> HLF has posted constant currency net sales growth in six of the last eight quarters and this quarter also marked its first quarter of Y/Y worldwide volume growth since 2Q21.</li></ul></div>

HLF delivered 3Q25 net sales growth of 2.7% Y/Y to $1,273.7MM, its first quarterly increase since 1Q24. Ex-currency, organic sales increased 3.2% Y/Y, above the 2.5% midpoint of its guidance issued in August and the best organic growth since 2Q21. HLF has posted constant currency net sales growth in six of the last eight quarters and this quarter also marked its first quarter of Y/Y worldwide volume growth since 2Q21.

HLF: Momentum Accelerating; North America Returns to Growth

Herbalife Ltd

HLF: Momentum Accelerating; North America Returns to Growth